偿债债券

To make a bond issue more attractive to conservative investors, some corporations create a bond

为了使发行的债券对稳健的投资者更具吸引力，有些公司设立了专门用于在到期日偿付债券的偿债基金。

Harking back to our textile experience, we should have realized the futility of trying to be very clever (via sinking funds and other special type issues) in an area where the tide was running heavily against us.

回顾我们在纺织业的经验，我们早该知道逆流而上(买进备有偿债基金或其它特种债券)的结果肯定是徒劳无功。

To make a bond issue more attractive to conservative investors, some corporations create a bond sinking fund, designated for repaying the bonds at maturity .

为了使发行的债券对稳健的投资者更具吸引力，有些公司设立了专门用于在到期日偿付债券的偿债基金。

Two levels of government focus on urban areas through the coordination of the guarantor, bonds, sinking fund for SMEs to address the issue of bonds, while small and medium enterprises in accordance with the characteristics of the high cost of issuing bonds due in part to subsidize the costs associated with in order to reduce the cost of bond issuance integrated.

两级政府的重点放在城市地区通过担保人，债券协调，偿债基金，为中小企业解决债券的问题，而按照中小企业与发行债券部分由于成本高的特点补贴相关的成本，以降低债券发行成本的综合。

Government focus through the coordination of the guarantor bonds, sinking fund to resolve the issue of small and medium-sized bond, while small and medium-sized issuers in accordance with the characteristics of the high cost of the appropriate part of the costs associated with subsidies to reduce the cost of bond issuance integrated.

政府重点通过协调担保人债券、偿债基金解决中小企业债券问题，同时根据中小企业发债成本高的特点适当补贴部分的相关费用，以降低债券发行的综合成本。

Shortly after yearend, Berkshire sold two issues of debentures, totaling $250 million. Both issues mature in 2018 and will be retired at an even pace through sinking fund operations that begin in 1999. Our overall interest cost, after allowing for expenses of issuance, is slightly over 10%. Salomon was our investment banker, and its service was excellent.

在年度结束后不久，Berkshire发行了两期的债券，总共的金额是2.5亿美元，到期日皆为2018年并且会从1999年开始慢慢分期由偿债基金赎回，包含发行成本在内，平均的资金成本约在10%上下，负责这次发行债券的投资银行就是所罗门，他们提供了绝佳的服务。

A pro rata sinking fund forces each investor to give up an equal percentage of his or her bond holdings when the issuer calls for sinking fund retirements of the bonds.

债券发行时若附设偿债基金条款，发债人必须定期将一定数额的资金投入偿债基金帐户，作为提前赎回部分债券的资金。

Models in the paper indicate that firms can make use of bond covenants such as the call provision, the put provision, the sinking fund provision and convertibility to increase the term to maturity of a bond issue and at the same time reduce the aggregate of the agency costs and transaction costs associated with it.

模型证明，发行企业债券时运用提前赎回条款、卖回条款、偿债基金条款和转换权等债券契约条款可以同时达到降低发债总成本和延长企业债券融资期限的目的。

A sinking fund is a special account that finances the compulsory early repayment by a borrower of a certain amount of a bond issue, usually at par value, regardless of the current value of the bonds in the secondary market.

债券发行时若附设偿债基金条款，发债人必须定期将一定数额的资金投入偿债基金帐户，作为提前赎回部分债券的资金。

For the last few years our insurance companies have not been a net purchaser of any straight long-term bonds (those without conversion rights or other attributes offering profit possibilities). There have been some purchases in the straight bond area, of course, but they have been offset by sales or maturities. Even prior to this period, we never would buy thirty or forty-year bonds; instead we tried to concentrate in the straight bondarea on shorter issues with sinking funds and on issues that seemed relatively undervalued because of bond market inefficiencies.

最近这几年来，我们的保险公司几乎未增加一般长期债券方面的部位(Straight long-term Bond)(即不含转换权或可提供额外获利可能性的债券)，即使有买进也是为了弥补先前到期或出售的部位，而在此之前，我们也从未投资那些长达三、四十年的债券，顶多是那些较短期且备有偿债基金或是因市场缺乏效率而使得价格被低估的债券。

In this section we look at the theory behind the techniques used in rotary polishing and the effects that they have on paintwork and the results achieved.

在这里看抛光剂使用背后的理论，到底是怎么一回事，我们如何用好的抛光机和好的使用技巧来达到好的效果。

I'll dig like a psychotic rodent if I have to.

那我就帮你挖到中国去。